While the world is aware of Bitcoin, there are a lot of cryptos that have been launched in the last decade. Although the beginning has been slow, most of them have gained supporters and are thriving. The overall volume of trading has gone up and if you are looking to buy cryptocurrency in India, you need to commit to a platform that can handle your needs and deliver at the right time. CoinSwitch is the perfect exchange platform that can guide you as well as help you with trading. If you are a first-time investor, then this is the perfect platform for you as the app is user-friendly and the process to start is very easy!
What is Digibyte?
DigiByte is a crypto that emphasizes security, speed, and decentralization. Launched in 2014, it’s part of the older class of cryptocurrency projects. However, despite the time and ongoing development over the past four years, this project is still relatively not that popular. DigiByte’s community argues that it’s the sleeping giant of the crypto world. According to its supporters, it’s on the cutting edge of crypto-technology. It hosts a network that’s faster, more scalable, and more secure than other major currencies. Over time, they argue, its superior technology will win out against Bitcoin and other top digital cash options. The project has a dedicated community and nearly 100,000 nodes across the globe. If you are looking to buy Digibyte in India, then CoinSwitch is the place to begin.
Things you should consider before investing
- Transaction fees – One of the major reasons why crypto is being used all over the world is the ease of transactions. Bitcoin showed that it was possible to do international transfers at a much lower cost and the speed is better as well. After Bitcoin, Digibyte showed that it can be done for lower than what Bitcoin has previously shown. For your transaction to be chosen by miners to be included in the next block, it should be a sizable transaction as it means more miners’ fees for them. With Bitcoin there are so many transactions happening, that yours might get lost in the mix. On the other hand, with DigiByte the size of the transaction does not matter. You can make a lot of transactions in the same amount as that of Bitcoin.
- Scalability – Digibyte can perform about 560 transactions/second, whereas Bitcoin can perform 3-7 transactions per second. The efficiency of Digibyte is 15 second block time while Bitcoin has a 10 minute block time. Bitcoin has 1 mining algorithm while Digibyte is supported by 5 mining algorithms. If the scalability is to be looked at, then Digibyte has beaten Bitcoin by a mile. Digibyte is also more adaptive and works in real-time, unlike Bitcoin that has a 2-week delay.
- History – Let us see the history in the year 2021. There is an 85.07% increase in Digibyte from the beginning of the year. The year started with Digibyte at 1.93 rupees. By the mid of December, the value is at 2.69 rupees. Digibyte peaked in May and reached a height of 11. 63 rupees. Bitcoin, on the other hand, started the year 2021 with a value of 21,48,056 rupees and has shown a growth of 162.24%.
- The number of coins – The supply of coins and duration over which they are spread affect the value of the cryptocurrency. Digibyte has 21 billion coins that are expected to be in use over 21 years while Bitcoin has 21 million coins. Since the number of coins is higher for Digibyte they might not reach the same value that Bitcoin is at now.
- Predicted Future – Despite being superior to Bitcoin in many parameters, Digibyte hasn’t gotten much traction since 2014. It has been around for a long time now and it has had opportunities to gain massive support with the right messaging and public relations. DigiByte is making a name for itself in the gaming community. DigiByte Gaming offers DGB to those who use the platform as a reward for spending time playing the games. Bitcoin can be used as an exchange medium or as a long-term investment too. It is a trusted cryptocurrency that is being accepted in all of the parts of the world and will continue to rise in value as out of the total number of tokens, almost all have been released and the last ones are expected to be released by 2140.
- Applications – Applications of Bitcoin are the primary reason why investors were so taken by this cryptocurrency. The security that comes with sharing of data is one of the reasons Bitcoin is going to be so successful. Sharing of medical data, NFT marketplaces, cryptocurrency exchange, real estate processing platform, supply, and logistics monitoring, cross-border payments, are just some of the applications of Bitcoin. User ID authentication system and digital asset creation and distribution are some of the applications of DigiByte.
When you are investing in either Bitcoin or Digibyte, these are the main points of comparison and a few of the factors that make Digibyte a formidable alternative currency.